Debt-ridden CSC downscales

COLD Storage Company (Ltd), a beef producer with refrigerated warehousing, has downscaled its operations and put its employees on a “short time” work schedule under which they will now be paid based on the actual number of “man-hours” worked.

The State-owned company, which requires between $60 million and $100m to recapitalise, reportedly owes its board, staff and management millions of dollars in unpaid wages, allowances and sitting fees.

Currently CSC has a debt overhang of over $25 million.

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